Pegasus Airlines turns in solid 2022 with €2.45 billion turnover

A Pegasus Airlines A321neo aircraft, delivered from Jackson Square Aviation.
Photo Credit: Jackson Square Aviation

Turkish low-cost carrier Pegasus Airlines has announced its annual financial results for 2022. The results show that passenger numbers increased year-on-year by 33.7% to reach 26.9 million.

Notably the carrier’s turnover grew by 139% to reach €2.45 billion in 2022. Overall, Pegasus achieved a net profit of €431 million for 2022.

Sound performance for 2022

By the end of 2022, Pegasus had flown 26.9 million guests, comprising 10.9 million on its domestic routes (in Türkiye) and 16.0 million on its international routes. The number of guests on its international routes grew by a significant 96.4% compared to the previous year.

As the aviation industry began to recover, Pegasus was among the airlines that recovered capacity the fastest since the pandemic. The airline reached EUR 2.45 billion in revenues, up 41% compared to 2019, the last full pre-pandemic year.

Reaching an EBITDA margin of 34.1% at the end of the year, Pegasus actually achieved the highest performance in this metric for the global aviation industry in 2022.

Pegasus Airlines statement 

Commenting on the 2022 financial results, Güliz Öztürk, CEO of Pegasus Airlines, began by acknowledging the recent tragedy of the earthquake which affected the region.

“I would like to start by saying that we are deeply saddened by the earthquake that occurred in Kahramanmaraş, and which gravely affected the neighbouring provinces,” she began.

“The losses and our pain are immense.  May those who lost their lives in the earthquake rest in peace, and we express our deepest sympathies to all those who have lost loved ones and wish a fast recovery to those who have been injured.”

The airline carried out a significant schedule of flight operations to repatriate affected citizens and also to provide aerial aid operations.

“To date, we have evacuated 152,950 people with 785 evacuation flights from the earthquake zones and carried 111 tonnes of aid material. We have carried 126,926 people, including rescue workers, to the region,” Öztürk noted.

Photo Credit: Pegasus Airlines

“Working hard for our industry and guests”

Güliz Öztürk, went on to address the strong figures for 2022, saying “As a result of our meticulous and strategic efforts, we concluded 2022 successfully.”

“Our 2022 revenue increased by 41% compared to 2019, which was the last full pre-pandemic year. Our EBITDA margin reached 34.1% at the end of the year, achieving the highest performance in this metric globally”.

 “The recovery in passenger numbers in Türkiye has been faster and more pronounced compared to the rest of the world, with total passenger numbers in Türkiye in 2022 reaching 90% of the 2019 figures.”

Goal to increase total capacity by 20% in 2023

In 2023, Pegasus Airlines aims to increase its total capacity by approximately 20%, supported by the new aircraft deliveries to its fleet.

Based on Pegasus Airlines’ current strategy, the airline’s fleet size will exceed the 100 aircraft threshold and beyond in 2023, coinciding with 100th anniversary of the Turkish Republic.

About Pegasus Airlines

Pegasus Airlines was launched in 1990, and adopted a low-cost business model in 2005, upon its acquisition by ESAS Holding.

As Türkiye’s leading low-cost carrier, Pegasus offers its guests the opportunity to travel affordably and on young aircraft under the auspices of its low-cost airline model with the belief that “everyone has the right to fly”. 

Since 2018, Pegasus has adopted the motto “Türkiye’s Digital Airline” and operates a network of 126 destinations in 47 countries, including 36 domestic destinations in Türkiye and 90 international destinations.

The carrier operates connecting flights between Türkiye and Europe, North Africa, the Middle East, Russia and Central Asia via Istanbul Sabiha Gökçen Airport. 

By Len Varley - Assistant Editor 5 Min Read
5 Min Read
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